Press Release Summary:
Internet-based iFACS and iCIF account screening and look-up interdiction tools help financial institutions fight against money laundering, terrorist financing, and narcotics trafficking. iCIF automatically screens files of account or policy holders. iFACS accepts and reports on ad hoc inquiries against lists of high-risk entities. It helps automate checking of transactions and accounts including funds transfers, account openings, and letters of credit.
Original Press Release:
TFP Launches Internet Interdiction Tools
New Internet-based Account Screening and Look-Up Interdiction Tools Help Financial Institutions Fight the War on Terrorism Skokie, IL - December 9, 2002 - TFP, a division of The Thomson Corporation (NYSE: TOC; TSX: TOC) has announced the release of two Internet-based interdiction tools, iFACS and iCIF, that help institutions in their fight against money laundering, terrorist financing and narcotics trafficking. With the launch of iFACS and iCIF, TFP has successfully moved two of its most popular PC interdiction solutions to the Internet. iCIF is designed to automatically screen files of account or policy holders. It has the ability to screen a variety of customer data against lists of high-risk entities including the TFP enhanced Office of Foreign Assets Control (OFAC) list. iFACS is an interdiction look-up tool designed to accept and report on ad hoc inquiries against lists of high-risk entities. iFACS helps automate the checking of a variety of transactions and accounts including: funds transfers, account openings and letters of credit. Being able to monitor one's customers and one's customers' account activity has always been an appropriate component of a well-developed compliance program. Regulations stemming from Sections 314(a) and 326 of last year's USA PATRIOT Act have placed a greater emphasis on these types of screening tools. "Now more than ever institutions are looking for help with the automation of their entity screening compliance programs," said David Leverenz, senior product manager. "iCIF and iFACS are simple, effective tools and, since they are Internet-based, these tools can be put in every office of every institution - they don't require special software or hardware." Both products run on TFP's FinancialGO.net, a robust network and communications infrastructure, which includes premium security coupled with premium reliability, ensuring that customer data will be safe, secure and available 24 hours a day, 7 days a week. TFP has been a leading provider of interdiction solutions to institutions since 1994 when the first TFP OFAC screening tool was launched with an enhanced OFAC database. Now TFP has multiple screening tools and multiple screening databases, which include many worldwide lists such as the European Union List, the AUSTRAC list, Canadian lists and the Bank of England list. In all, TFP offers over 15 different regulatory and enhanced due diligence screening lists. "TFP has prided itself on offering solutions that fit the customer's needs - from integrated to stand-alone; from Mainframe, AS/400, Unix to PCs," said Leverenz. "The Internet products, iCIF and iFACS, round out an already very strong product line." "Over the past 8 years, TFP has been unmatched in its dedication to solving the issues all financial services firms have faced in responding to OFAC and other entity screening efforts. We have focused our development efforts on creating the most comprehensive database and broadest range of software and service solutions in this area. iCIF and iFACS are a great addition to our product offering," added Glenn Gottfried, TFP's managing director. About TFP
TFP (www.tfp.com), a division of Thomson Media, is a leading provider of data and software solutions for financial and corporate institutions worldwide. Our goal is to improve the efficiency of our clients by providing customized data solutions covering multiple functional areas, including payments, compliance, vendor interfaces and marketing. TFP's product lines include Check Operations, Marketing Services, Payment Efficiency, Reference Tools for Banking(tm) and Risk Reduction. TFP's solutions assist in accurately originating payments to realize higher STP rates; facilitating the repair of rejected transactions; ensuring compliance with the USA PATRIOT Act and regulatory agencies such as the U.S. Treasury's OFAC and FinCEN's Currency and Wire Reporting; avoiding money laundering, fraud (www.FraudBAN.com) and other perilous business practices; and, facilitating the automated exchange of operational data between financial institutions. TFP maintains the most authoritative and comprehensive databases of financial institutions globally and has been the official routing number registrar for the American Bankers Association since 1911. For more information, visit TFP on the Internet at www.tfp.com or call (847) 676-9600. Thomson Media (www.thomsonmedia.com), a division of The Thomson Corporation, is a leading provider of information, data and software tools for professionals in the financial services and related technologies markets. Its primary products and businesses include: American Banker, Financial Planning, National Mortgage News, The Bond Buyer, Securities Industry News, The Global Banking Resource (www.tgbr.com), National Regulatory Services, Payments & Risk Solutions Products, Credit Card Management, and Sheshunoff Information Services. More than 750,000 clients use Thomson Media's publications, databases and work solutions worldwide. The Thomson Corporation (www.thomson.com), with 2001 revenues of $7.2 billion, is a global leader in providing integrated information solutions to business and professional customers. Thomson provides value-added information, software applications and tools to more than 20 million users in the fields of law, tax, accounting, financial services, higher education, reference information, corporate training and assessment, scientific research and healthcare. The Corporation's common shares are listed on the New York and Toronto stock exchanges (NYSE: TOC; TSX: TOC). Contact:
firstname.lastname@example.org Marideth Johnson, CTSM